REGD. NO, D, L.-33004/99

The Gazette of India

EXTRAORDlNARY

PART II-Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 362]

NEW DELHI, WEDNESDAY, APRIL 17, 2002/CHAITRA27, 1924

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 17th April, 2002

S.O.434(E).—Whereas the Chairman. Securities and

Exchange Board of India vide his order dated January 10,

2002, passed in exercise of powers under sub-section (1) of

section 8 of the Securities Contracts (Regulation) Act read

with sub-section (3) of section 4 of the Securities and

Exchange Board of India Act, 1992, had directed all stock

exchanges to amend their Rules, Articles etc. within a period

of two months to give effect to the policy decision taken

by the Securities and Exchange Board of India and the

Central Government to segregate ownership and trading

membership from management of stock exchanges; and

Whereas Hyderabad Stock Exchange Limited has

failed to comply with" the said order within the time

stipulated therein.

Now, in exercise of the powers conferred by sub-

section (2) of section 8 of the Securities Contracts

(Regulation) Act, 1956, the Securities and Exchange Board

of India hereby makes the following amendments to the

Articles of Association of Hyderabad Stock Exchange

Limited, namely:—

In Article 104, the following proviso shall be added:

(a) in clause (i), the following proviso shall be

added:

"Provided that no broker member of the exchange

shall be the President of the exchange."

(b) in clause (iii), the following proviso shall be added:

"Provided that no broker member of the exchange

shall be the Vice President of the exchange."

[F.No.SEBI/LE/6212/02]

G. N. BAJPAL Chairman

1264 GI/2002

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